- During the last 24 hours, the price of BTC has continued to fall.
- The coin closed the year on a downward trend.
Founder of crypto lending firm Nexo, Antoni Trenchev, anticipated that bitcoin would reach $100K by the middle of 2022. Digital assets, he believes, are a gold-level inflation hedge.
Although bitcoin’s USD value increased by more than 60% in the previous year, the coin closed the year on a downward trend as many analysts anticipated it to surpass $100,000. Co-Founder and Managing Partner of Nexo Antoni Trenchev believes that this pricing level will be achieved over the next several months:
Antoni stated:
“I’m quite bullish on bitcoin. I think it’s going to reach $100K this year, probably by the middle of it.”
It’s wonderful news for cryptocurrency, Trenchev said, since macroeconomic fundamentals like “cheap money” (a loan or credit obtained at a low-interest rate) are “here to stay.” Second, he thinks this is the driving force for bitcoin’s price rise.
It’s worth noting that the COVID-19 health crisis and the following mass printing of fiat currency have both contributed to growing inflation. In the United States, that rate climbed to about 7%, the highest level in the past 40 years, while Turkey had a 36% spike.
Bearish Dominance
During the last 24 hours, the price of BTC has continued to fall. Currently, it is trading at a 32.7 percent loss from its Nov 10 all-time high, having dropped 8.4 percent in the last week.
As a gold-equivalent inflation hedge, this might be another reason for the price of bitcoin to more than double in the future, he concluded. According to CoinMarketCap, the Bitcoin price today is $47,322.50 USD with a 24-hour trading volume of $36,765,943,225 USD. Bitcoin is up 0.81% in the last 24 hours.
